From Bloomberg:

U.S. Stocks Fall, Sending Market Below Lowest Close Since 1997

Feb. 23 (Bloomberg) — U.S. stocks fell, sending the Standard & Poor’s 500 Index below its lowest close in 12 years, as concern that the deepening recession will erode earnings offset the government’s pledge to give more capital to banks.

Hewlett-Packard Co. and Intel Corp. slid at least 4.6 percent as Morgan Stanley said technology stocks are the most vulnerable among economically sensitive industries. Nucor Corp. helped lead a decline in steelmakers after UBS AG said the group has increased output too quickly. Bank of America Corp. rose 9.5 percent and Citigroup Inc. climbed 19 percent as concern eased that the U.S. government will seize control of the lenders.

The S&P 500 lost 2.9 percent to 747.64 at 3:34 p.m. in New York, below its lowest close since April 1997. The six-day losing streak in the U.S. stock benchmark ranks as the longest since October. The Dow Jones Industrial Average decreased 207.48 points, or 2.8 percent, to 7,158.19, below its lowest close since October 1997. The Russell 2000 Index lost 3.1 percent